1st Source Corporation $SRCE Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. has reduced its stake in 1st Source Corporation by 19.2%, now owning approximately 0.07% of the company valued at $1,097,000.
• A number of institutional investors, including Vanguard Group Inc. and Charles Schwab Investment Management Inc., have increased their holdings, with Vanguard boosting its position by 15.2%.
• 1st Source Corporation recently announced a quarterly dividend of $0.38, yielding 2.3%, and has a consensus target price of $72.00 from equity analysts.

Russell Investments Group Ltd. trimmed its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 19.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,345 shares of the financial services provider's stock after selling 4,366 shares during the period. Russell Investments Group Ltd. owned 0.07% of 1st Source worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Nuveen LLC purchased a new stake in shares of 1st Source in the first quarter valued at about $7,012,000. Invesco Ltd. grew its holdings in shares of 1st Source by 2.3% in the first quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider's stock valued at $2,296,000 after purchasing an additional 846 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of 1st Source by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider's stock valued at $36,604,000 after purchasing an additional 19,059 shares during the period. Vanguard Group Inc. grew its holdings in shares of 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock valued at $63,883,000 after purchasing an additional 140,698 shares during the period. Finally, Picton Mahoney Asset Management grew its holdings in shares of 1st Source by 265.1% in the first quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock valued at $414,000 after purchasing an additional 5,042 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Saturday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Finally, DA Davidson upped their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $72.00.

1st Source Stock Down 0.7%

Shares of SRCE traded down $0.46 during mid-day trading on Wednesday, hitting $63.80. 51,401 shares of the company's stock were exchanged, compared to its average volume of 69,717. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 11.17 and a beta of 0.72. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The stock's 50-day moving average is $62.54 and its 200-day moving average is $61.08.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.02. The business had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. On average, sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 annualized dividend and a yield of 2.4%. 1st Source's dividend payout ratio (DPR) is 26.62%.

1st Source Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.